In 2022, high-profile cryptocurrency analyst DonAlt, known for predicting Bitcoin‘s bottom, claimed that BTC bears have lost their last line of defense. Sharing his views with his followers on social media platform X, DonAlt added that the largest cryptocurrency now has a clear path to rise to higher levels and faces no significant resistance.
Analyst Believes Bitcoin Faces No Obstacles to Rise
According to DonAlt’s analysis, unless an extraordinary market event occurs over the weekend, Bitcoin bulls will continue their upward momentum. The analyst noted that the likelihood of a negative event is extremely low, referencing the recent trend of low trading activity on weekends. DonAlt believes BTC will remain strong as long as it doesn’t fall below $63,000, which he deems unlikely given current market conditions.
Examining the Bitcoin chart shared by the analyst, he pointed out that the $70,000 level, previously seen as significant resistance, now appears as an artificial barrier. He added that this level has been tested multiple times, reducing its effectiveness as resistance. In technical analysis, a resistance level weakens with each test, as sellers eventually exhaust their supply, allowing the price to break through.
In a detailed video update, DonAlt clarified his expectation by stating that the $70,000 resistance has been tested too frequently to hold any longer. He emphasized that the repeated tests imply that this level is no longer a formidable barrier. Consequently, he believes it would be unwise to take a position against Bitcoin approaching or surpassing $70,000.
Shares Details of the Only Bearish Scenario
DonAlt stated that the only bearish scenario for Bitcoin would be a close below $63,000, which he considers highly unlikely. This assessment is based on the pattern of low trading activity and stability observed in previous weekends.
With current data, Bitcoin is trading at approximately $66,739, up nearly 1% in the last 24 hours, and the weekly timeframe indicates strong performance, reinforcing DonAlt’s optimistic outlook.
